Singapore Exchange (SGX Group) announced today (Thursday) the appointment of Jean-Philippe Malé as CEO of SGX FX, effective April 1, 2025, as part of a broader management reshuffle that includes changes in its technology leadership.
SGX Group Appoints New FX Chief, Reshuffles Technology Leadership
Malé, who previously served as CEO and Co-Founder of BidFX, a buyside foreign exchange platform acquired by SGX in 2020, will lead the exchange's foreign exchange business. His promotion comes after a stint as President of SGX FX, during which he was responsible for driving the growth of the OTC FX business.
“We are excited to welcome JP to his new post and are confident that his leadership will further elevate SGX FX,” Loh Boon Chye, the CEO of SGX Group, commented on the change.
This is another change in the SGX FX C-level lineup after the former EBS Director and co-founder of FXSpotStream, Hugh Whelan, decided to join the Singaporean exchange in October 2024.
The management changes also affect the technology division, with Group Chief Technology Officer Thijs Jacobs stepping down. Chief Information Officer Tinku Gupta will temporarily assume Jacobs' responsibilities while the company searches for a replacement.
Additionally, Lee Beng Hong, currently Head of Wholesale Markets and Platforms, will be departing to pursue other opportunities.
“We also extend our gratitude to Beng Hong and Thijs for their contributions and wish them the best in their future endeavours,” added Chye. “These changes reflect our commitment to continuously evolve and strengthen our leadership team to meet the dynamic needs of our business and stakeholders.”
SGX Group Reports Strong Numbers in OTC FX Segment
A month ago, the exchange reported a robust performance for the first half of fiscal year 2025, with adjusted net profit rising 27.3% to S$320.1 million ($238.5 million) compared to the same period last year.
The exchange operator saw growth across all business segments, with net revenue increasing 15.6% to S$646.4 million ($481.5 million). Adjusted EBITDA climbed 23.9% to S$426.9 million ($318.1 million), while adjusted earnings per share reached 29.9 cents ($0.22).
OTC FX net revenue rose by 35.7% to S$55.0 million, up from S$40.5 million. Meanwhile, OTC FX headline average daily volume (ADV) grew 35.4% to US$136 billion, compared to US$100 billion.
"Cash equities and equity derivatives led our broad-based performance, followed by currencies and commodities, with notable growth in our OTC FX business now contributing 5% of the Group's EBITDA," the CEO commented.
In a separate announcement, SGX Group released its market statistics for January 2025. Derivatives traded volume increased 3% month-on-month to 23.9 million contracts, with derivatives daily average volume (DAV) up 14% at 1.24 million contracts. Securities market turnover value gained 4% to S$20.8 billion ($15.5 billion), with securities daily average value (SDAV) rising 9% to S$1.04 billion ($775 million).
